The main index rose 40.14 points or 0.62 percent to close at 6,508.21 as the Property sector led the advance although the Industrial and Services counters lagged behind. However, volume was an anemic 1.5 billion shares worth P2.45 billion as gainers outpaced losers 98 to 91 with 45 unchanged.
“Philippine investors started the second half more optimistically, as investor looked forward to a handful of economic data that would act as a catalyst to the equities market,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gaine, driven by the anticipation of slower headline inflation in June. The positive cues from overseas, particularly in Asia where most markets were trading in the green, further influenced the sentiment at home.”
China Bank Capital Managing Director Juan Paolo Colet said “The index started the second half of the trading year in the green, climbing more than 40 points on market-on-close buying to end the session just above the 6,500 level.” “Investors took their cue from analysts’ estimates that Philippine June inflation will further decelerate to 5.5 percent. Daily value turnover, however, was only around Php2.2 billion, which makes this market bounce rather weak and shows many investors remain cautiously on the sidelines,” he noted.